Oil prices rise ahead of US sanctions against Iran
Updated : September 27, 2018 08:01:27 IST
Brent crude futures were at $82.04 per barrel at 0104 GMT, up by 70 cents, or 0.9 percent from their last close.
Traders said oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from November 4.
At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 percent of global consumption, and the Organization of the Petroleum Exporting Countries (OPEC) has little spare capacity to make up for an expected shortfall in Iranian exports.